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Summary:

1Q14 core net profit of RM8.5m within our and street estimates In 1Q14, Ann Joo posted a revenue of RM686.1m (+38.5%), underpinned by higher sales tonnage from its manufacturing business of RM509.9m (+60.7% yoy). Revenue from the trading business increased merely by 3.5% to RM175.8m. EBIT margins was lower at 3.4% vs 3.7% in 1Q13, largely due to the lower selling prices as well as suppressed China cheap steel products. Excluding EIs, Ann Joo recorded a 1Q14 core net profit of RM8.5m (+20.8% yoy), which is largely within expectation, accounting for 21% of our full year FY14 forecast of RM40.0m and 20% streets estimate. Ann Joo also declared a total dividend of 2.0 sen/share (1Q13: nil).

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